The Telegraph’s inconsistency.

You expect it over the space of months or years, but over the space of five days? Seriously. Compare this:

We are not suggesting that Mr Osborne waters down his deficit reduction strategy. On the contrary, he should make more ambitious cuts. After three years in office, he will have reduced core government spending by just 3 per cent. Far greater savings can be achieved, and in areas of current spending, rather than taking the money from capital projects.

With this:

The Government could simply borrow to invest. With the economy still in the doldrums, as the CBI made clear once again on Tuesday, the time has come for bold action… He could also console himself with the knowledge that he’d be using the UK’s record low borrowing costs to build the country’s future. Of course, it would almost certainly mean waving goodbye to the UK’s AAA credit rating – but that must be lost anyway given the scale of the borrowing overshoot… Desperate times call for desperate measures, and another £10bn of targeted borrowing could be just the kind of “elbow grease” needed to finally deliver some growth.

(Hat tip: Jonathan Portes, who also has no clue what’s going on here).

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